基于价值网络的企业价值计量模式研究

企业生活在一个多维价值网络系统中,这一价值网络系统由企业外部的微观价值网络体系、产业价值网络体系和社会价值网络体系共同构成。多维价值网络体系促进了企业智力资本的积累与发展,导致企业无形价值边界逐步脱离有形价值边界,产生了企业的双重价值边界,提升了企业无形价值和整体价值。多维价值网络环境下的企业价值计量包括有形价值计量和无形价值计量,有形价值计量以测量企业物质财富的经济价值为目的,通常采用财务计价或财务估价模式,无形价值计量以测量企业智力资本的价值创造潜力为目的,通常计量、财务计价、财务估价、非财务价值计量、非财务价值估计等多种模式综合并用。     

我国软件企业智力资本价值创造潜力的评估

智力资本密集是软件产业的特点之一，在软件企业的价值创造过程中，智力资本发挥着决定性作用。本文在界定有关智力资本价值创造潜力的概念的基础上，建立了符合软件企业智力资本特点的评估框架和指标体系，并利用因子分析法，以我国15家上市软件生产企业年度报告为样本数据，对智力资本的价值创造潜力进行了评估，依据评估结果的比较和分析，提出增强我国软件企业智力资本价值创造潜力的建议。     

智力资本价值创造理论研究评述及未来研究

本文依据智力资本价值创造理论研究文献,对智力资本价值创造基础理论、智力资本价值计量模型、智力资本价值创造能力评价等理论研究进行梳理与评述,提出智力资本价值创造理论未来研究内容与方向     

企业智力资本入股实施研究

知识经济时代,由于智力资本的沉淀成本不可忽略及物质资本的沉淀成本的减少和转移,智力资本参与企业剩余分配的愿望日趋强烈,智力资本入股无疑顺应了时代发展要求。当前,通过智力资本入股参与企业剩余分配,将从"游戏规则"源头上提高劳动所得份额,最根本地激发智力资本创造力,一方面扩大消费需求,消除绝对需求的不足;另一方面,提高有效供给创造性,缓解结构性供求矛盾,并最终促进我国经济向知识和创新驱动模式转型,加快经济发展方式转变。本文对实施智力资本入股必须解决的智力资本量化、智力资本的产权分割、智力资本股东的有限责任承担、智力资本的流动性、企业治理结构重构,以及智力资本入股的实施动力与实施路径选择等相关难点问题进行了较系统的研究。     

智力资本出资的理论分析与制度设计

现代企业的一个主要矛盾是处理财务资本和智力资本的关系问题。企业的高能激励使得智力资本所有者拥有了一部分股权，但他们还不是真正意义上的出资者。对智力资本的产权特征、价值属性和出资适格性的分析表明，如果通过制度设计，克服智力资本在产权特征和价值属性上的缺点，使得智力资本能够像财务资本那样作为出资，则现代企业的基本矛盾可以得到进一步缓解。     

企业智力资本与企业资本结构优化

在新经济环境下，如何有效地利用和管理智力资本已成为创造企业竞争优势的重要手段之一。本文试图从智力资本的构成及其综合财务度量指标入手，建立在权衡智力资产创造企业价值的激励制度下的资本结构优化分析模型，通过这个模型的分析和简要案例的剖析得到结论：应用智力资产贡献率和贡献增长率指标在一定程度上可以度量智力资本的贡献；适宜的智力资产贡献激励能够促使代理人优化资本结构；在考虑智力资产贡献激励情况下，企业代理人会寻找更有效的手段（如资产负债综合重组优化）来优化企业资本结构。     

不同资产的报告模式差异分析

有形资产的本质是有形的物质,无形资产的本质是无形的知识,本质的不同决定了双方的性质也截然不同．由此导致了二者的报告模式存在巨大差异．有形资产一般通过通用财务报告对外反映和报告．无形资产则通过智力资本报告对外反映和报告。理论上说．未来企业对外报告应该采用“通用财务报告＋智力资本报告”的二元报告模式,但在不同类型企业,两类报告的地位应该有所差异。目前比较现实的做法是：物质资本密集型企业以通用财务报告为主．但必须在表外附注中详细补充披露企业无形资产信息：智力资本密集型企业也应以通用财务报告为主．但必须编制专门的智力资本报告,以系统地反映和报告企业无形资产信息。     

智力资本与我国服务业企业绩效的影响研究

主要是对智力资本评价指标及其与我国服务业企业绩效的关系的研究,在整合前人学者对智力资本与企业绩效方面的相关理论的研究基础上,归纳总结企业智力资本的内涵、特征、构成要素及评估方法,并进一步构建智力资本与企业绩效的研究模型,并通过实证研究分析了智力资本与我国服务业企业绩效之间的影响关系。     

智力资本激励的制度安排

在知识经济时代，智力资本已经成为经济与社会发展的最为稀缺的资源，如何通过分配制度安排对智力资本进行有效的激励，就成为企业可持续发展的核心与关键。在目前条件下，智力资本的分配激励制定安排主要有股份期权激励、职工持股计划、股份有限合伙制和知识共享激励等，它们分别对应着不同的制度条件，而股份期权激励和股份有限合伙制是对智力资本进行分配激励的有效方式。     

企业智力资本报告的探讨

企业智力资本报告是目前国外理论界研究的一个热点领域，在我国尚属一片空白。本文在对目前的智力资本报告进行分析与评价的基础上，设计了一种由智力资本报告主表、附表及报表附注所组成的报告框架。     

The influence of intellectual capital on organizational performance—Knowledge management as moderator

The main objective of this study is to explain the global performance of firms from an intellectual capital perspective. Samples were selected from a list of the top 1,000 Taiwanese companies using a type of purposive sampling. The selection criteria required sample companies to be located in Taiwan and to compete globally. This study collected 146 valid questionnaires from 146 companies. The results confirm that intellectual capital is positively associated with a firm’s global performance. The results also confirm a moderating effect of knowledge management strategy on the relationship between intellectual capital and global performance. These results imply that a combination of the right type of knowledge management strategy with the right form of intellectual capital will enhance a firm’s performance, although neither the technology-centered nor the people-centered approach should be overused.     

高科技企业的合约特征与企业家性质

本文试图说明，从传统企业到高科技企业在契约性质上实现了从劳动合约到知识合约的转变，高科技企业的合约特征是通过知识合约实现企业家的创新精神，是一种创新行为的特定制度安排。     

Competing in the new economy: the effect of intellectual capital on corporate entrepreneurship in high-technology new ventures

Intellectual capital (IC) offers a potential source of sustainable competitive advantage and is believed to be the font from which technological development and economic growth may spring. This study proposes a three-dimensional framework for describing and measuring a firm's IC that includes human capital, intellectual property, and reputational capital. Drawing upon the resource-based view of the firm, it is argued that in high-technology new ventures (HTNVs) IC assets offer a unique source of advantage that facilitates entrepreneurship by reducing the risk and increasing the returns from investments in innovation and venturing. This paper reports the results of an empirical study of 237 HTNVs in the US that issued an initial public offering between 1994 and 1998. It is found that these firms' top management team human capital diversity and organizational reputation are of greatest significance for their entrepreneurial performance. Interestingly, these factors far outweigh the insignificant effect observed for intellectual property on subsequent innovation and venturing activities. The implications for theory and practice are discussed.     

Strategy,human capital investments,business‐domain capabilities,and performance: a study in the global software services industry

Research summary : In knowledge‐based industries, continuous human capital investments are essential for firms to enhance capabilities and sustain competitive advantage. However, such investments present a dilemma for firms, because human resources are mobile. Using detailed project‐level operational, financial, and human capital data from a leading multinational firm in the global IT services industry, this study finds that deliberate investments in improving general human capital can help firms develop superior capabilities and maintain high profits. This paper identifies two types of capabilities essential for success in this industry—technological and business‐domain capabilities—and provides empirical evidence justifying such investments. Theoretical and practical implications of capability‐seeking general human capital investments are discussed. Managerial summary : The primary managerial implication of this research is that capability‐seeking investments in developing general human capital through strategic learning (training and internal certifications) can enhance firm performance. Although investing in general human capital is risky, the firm considered this a strategic necessity in order to thrive in the fast paced IT services industry. By leveraging general technological skills in combination with business‐domain knowledge to address customer's business problems firms can earn and sustain higher profits. Our study also demonstrates how a developing‐country firm responded to strong competitive challenge from global rivals possessing superior capabilities by upgrading the capabilities of its employees through internal development. In doing so the firm was able to narrow the capability gap vis‐à‐vis its foreign peers and expand its business globally. Copyright © 2016 John Wiley & Sons, Ltd.     

Intellectual capital and corporate value in an emerging economy: empirical study of Taiwanese manufacturers

Competitive success now is based less on the strategic allocation of physical and financial resources, and more on the strategic management of intellectual capital. Although intellectual capital is intangible and cannot be accurately measured, companies must develop methods of increasing corporate value by proactively focusing on intellectual capital management. This study examines the relationship between intellectual capital and corporate value in an emerging economy.
This study employs an intellectual capital perspective, resource-based view and a financial perspective, and investigates how to apply the concept of intellectual capital to value creation. After reviewing the relevant literature, this study identifies human capital, organizational capital, innovation capital and relationship capital as four constructs of intellectual capital. Corporate value is measured using three selection methods: (1) Market/Book value, (2) Tobin' Q and (3) Value Added Intellectual Coefficient (VAIC™). Through a questionnaire survey and secondary data collection, this study applies the Structure Equation Model to analyze the relationships among four constructs of intellectual capital, as well as the relationship between intellectual capital and corporate value.
From the empirical findings, for Taiwanese manufacturers, a positive relationship exists between intellectual capital and corporate value. This study visualizes and mobilizes intellectual capital to articulate eight value creation paths.     

企业集团财务资源协同管理效应的度量

本文以集团企业的现金流量表及其特性为基础，揭示了集团资产、负债和权益协同管理与集团现金流协同效应的关系，建立了度量经营活动现金流协同效应的模型，分析了模型中效应参数之间的关系。同时，提出了企业集团的投资现金流和融资现金流协同效应度量的命题。最后，对企业集团智力资产对经营活动现金流协同效应的贡献进行探讨。这些模型和命题的创立为企业集团度量和分析协同管理效应提供了一套便利的方法。     

Human capital and learning as a source of sustainable competitive advantage

This paper seeks to identify the sources of wide and persistent variations in learning performance in the semiconductor manufacturing industry. In the resource‐based view of the firm, human capital is frequently assumed to contribute to competitive advantage due to its inimitability based on its intangible, firm‐specific, and socially complex nature. Consistent with this view, we find that investments in firm‐specific human capital have a significant impact on learning and firm performance. More specifically, human capital selection (education requirements and screening), development through training, and deployment significantly improve learning by doing, which in turn improves performance. However, we find that acquiring human capital with prior industry experience from external sources significantly reduces learning performance. We also find that firms with high turnover significantly underperform their rivals, revealing the time‐compression diseconomies that protect firm‐specific human capital from imitation. These results provide new empirical evidence of the inimitability of human capital. Copyright © 2004 John Wiley & Sons, Ltd.     

组织智力资本与组织创新氛围对员工创造力影响的跨层次研究

以往对组织智力资本的研究多集中在组织层面，很少有研究涉及其对员工创造力的作用。本文研究了组织智力资本与组织创新氛围对员工创造力跨层次的影响。本文通过领导与员工配对的方式，共获得了367份有效问卷，在对构建模型检验的基础上，得出如下结论：组织智力资本对员工创造力有正向的影响；组织创新氛围调节着组织智力资本与员工创造力之间的关系，其中对人力资本与员工创造力之间关系的调节最敏感，社会资本次之，组织资本最不敏感；员工创造力自我效能感知在组织智力资本与员工创造力之间都起到部分中介作用。